Adani Enterprises files Rs 20,000 cr follow-on public offer
Mumbai: Gautam Adani led Adani Enterprises on Wednesday filed an offer letter with stock exchanges for a proposed Rs 20,000 crore follow-on public offer (FPO).
According to the company's red herring prospectus, the follow-on public issue of Adani Enterprises Ltd will open on January 27 and close on January 31.
Bidding by anchor investors will start on January 25, it said.
A follow-on offering (FPO) is when a public company issues more shares after its initial public offering (IPO).
Of the Rs 20,000 crore proceeds of the FPO, Rs 10,869 crore will be spent on green hydrogen projects, work at the existing airports and construction of a greenfield expressway.
Another Rs 4,165 crore will be used to repay the debt taken by its airports, road and solar project subsidiaries- Adani Airport Holdings Ltd, Adani Road Transport Ltd and Mundra Solar Ltd.
As of September 2022, the total debt of Adani Enterprises stood at Rs 40,023.50 crore.
Some of Adani Group's strategic equity partners, including International Holding Company (IHC) from the UAE and other sovereign wealth funds and financial institutions, may be reportedly among the largest buyers in the issue, according to a Moneycontrol report.
IBNS
Senior Staff Reporter at Northeast Herald, covering news from Tripura and Northeast India.
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